{"id":3136,"date":"2024-06-14T14:38:49","date_gmt":"2024-06-14T11:38:49","guid":{"rendered":"http:\/\/27.preview.freshtone.ru\/oil-price-growth-has-stalled-and-risks-a-correction\/"},"modified":"2024-06-14T14:38:49","modified_gmt":"2024-06-14T11:38:49","slug":"oil-price-growth-has-stalled-and-risks-a-correction","status":"publish","type":"post","link":"https:\/\/27-preview.freshtone.ru\/en\/oil-price-growth-has-stalled-and-risks-a-correction\/","title":{"rendered":"Oil price growth has stalled and risks a correction"},"content":{"rendered":"<p><a href=\"https:\/\/marketcheese.com\/symbol\/brent\" rel=\"noopener noreferrer\" target=\"_blank\"><strong>Brent oil prices<\/strong><\/a> at the beginning of the current week continued to rebound from the 4 month lows, set just below the level of <strong>77<\/strong>. However, after strong growth on Monday, the upward movement stopped, the price began to consolidate around the <strong>82<\/strong> mark. After redeeming the drawdown that took place in late May and early June, the activity of bulls decreased. In such a situation, sellers of oil can intercept the initiative and bring the price down to the level of <strong>81<\/strong>.<\/p><p>\u00a0<\/p><p>Oil market participants pay more and more attention to the demand from China. This country was supposed to become the main driver of crude consumption growth in 2024, but it has not happened so far. Instead, local refineries have started to reduce refining volumes. The crisis in the real estate sector has had a negative impact on the performance of the Chinese economy, and the constant increase in the number of electric cars raises the likelihood of a bearish trend in oil demand.<\/p><p>\u00a0<\/p><p>In the US, refining remains strong, but the gradual build-up of fuel inventories also suggests a lack of final demand for petroleum products. US gasoline stocks are now almost 6% higher than a year ago, while distillate stocks are 8% higher than a year ago. The buildup of inventories has a negative impact on corporate profitability, which may cause refiners to limit fuel production and reduce crude oil consumption.<\/p><p>\u00a0<\/p><p>Further pressure on oil prices could come from the recovery of exports from Kurdistan. According to Roth MKM estimates, this will increase the volume of supplies to the global oil market by 300 thousand barrels per day. Analysts see this scenario as moderately negative for commodity prices. The seasonal increase in demand observed in the summer will be offset by the increase in supply, and the price increase expected by market participants may not materialize.<\/p><p>\u00a0<\/p><p>The <strong>Stochastic<\/strong> Indicator on the daily chart of Brent crude is already signaling a short-term reversal and the imminent onset of a correction. The first target on the way down is <strong>81<\/strong>.<\/p><p>\u00a0<\/p><p><br><\/p><p>Consider the following trading strategy:<\/p><p><br><\/p><p><strong>Selling Brent oil in the range of 82-82.5. Take profit \u2013 81. Stop loss \u2013 83.5.\u00a0<\/strong><\/p><p><br><\/p><p>Traders may also use a <strong>Trailing stop<\/strong> instead of a fixed <strong>Stop loss<\/strong> at their discretion.<\/p>","protected":false},"excerpt":{"rendered":"Market analysis by financial analysts and experienced traders. Forecast for Brent.","protected":false},"author":1,"featured_media":3126,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-3136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forecasts-en"],"translation":{"provider":"WPGlobus","version":"2.12.2","language":"en","enabled_languages":["ru","en"],"languages":{"ru":{"title":true,"content":true,"excerpt":true},"en":{"title":false,"content":false,"excerpt":false}}},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Oil price growth has stalled and risks a correction - SSC<\/title>\r\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Oil price growth has stalled and risks a correction - 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